In our industry, as each year goes by it is more and more common for companies to ask about call recording solutions so that they can always go back to a historical call for any reason. One sector that always asks the question and often does go ahead with call recording is the financial services sector.
In a consultation paper released in September 2016, it was proposed that recording equipment would be required for many FCA regulated sectors including but not limited to firms offering financial advice which would then need to be stored for 5 years.
However, at the end of March 2017 the Financial Conduct Authority backed away from this regulation as it deemed that it may not always be possible based on the business model of many advisers and the fact that a number will be self-employed and may work from a mobile. Instead, conversations must be either recorded over the phone, or written evidence of all conversations must be kept.
As such whilst call recording solutions will not be imposed on these firms, it would still be recommended to look at the options available so that adviser firms are ready for the Mifid II introduction in January 2018.
If you are looking at call recording solutions, Time offers a fully encrypted solution with a dedicated server to allow call recordings to be stored securely. The Gap function means that recordings can be paused live if card details are to be taken and so our solution complies with all necessary regulations. In addition, calls can easily be searched and downloaded by those with permissions on the network, which then can be archived or sent on as necessary.
If you have any call recording related questions or queries please feel free to get in touch.